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Nakheel retrenches 500 workers as slowdown hits Dubai

Local developer Nakheel has laid off about 500 directly employed staff as a result of the global economic slowdown on Dubai. The redundancies account for about 15 per cent of the company's workforce.

"Approximately 15 per cent of the total workforce, which amounts to 500 employees, was made redundant," says a Nakheel spokesman.

He describes the decision as "a responsible action considering the current global market conditions."

"We have the responsibility to adjust our short-term business plans to accommodate the current global environment.

"The redundancies are indeed regrettable, but a necessity dictated by operational requirements which are in turn dependent on demand," says the spokesman.

All the affected employees have been offered a redundancy package, which includes outplacement support services to relocate the laid-off staff, to assist in this time of transition.

Source: MEED